Discover statistics worth consideration by Ohio investment property owners.
Read a few highlights about Ohio that are favorable for investment property owners.
Cleveland, Ohio is home to me. Sure, it gets old rooting for the Browns, dodging potholes, and navigating ice and snow. Those are minor downsides compared to the upsides. While I’m no “expert”, I’m bullish on the state of Ohio. We’ve got four seasons and no shortage of great locations and attractions. In my mind, that signals economic opportunity for investment property owners.
In spite of a 2019 study projecting Ohio’s population will decline by almost 6% over the next 30 years (per Ohio Population Research conducted by Miami University of Ohio), I believe other statistics suggest Ohio may be a destination state for both residents and visitors. If true, opportunities for both short- and long-term investment property owners exist.
For being 35th among the fifty U.S. states in square miles of land area (per statesymbolsusa.org), the statistics highlighted below about Ohio are noteworthy:
Population:
- Ohio ranks 7th in the nation for population, with a total population of approximately 11,785,000. Population growth has been slow and steady for the last three decades, with dips in 2021 and 2022.
(per MacroTrends)
- Ohio ranks 7th of the fifty U.S. states for having the most cities with a population greater than 250,000. (per Voronoi app). Take a look.
Note that of the above 7 states, Ohio is the only one not located in an area known to experience major natural disasters in the form of coastal hurricanes, significant earthquakes, and/or extreme drought and wildfires. You have to wonder if the experts have factored in how much costly upheaval people are willing to tolerate and/or fresh water availability before deciding to relocate to safer ground.
Also note that the top 3 most populous cities in Ohio are connected by a major U.S. Interstate, within a total range of 250 miles. Main highways are easy to navigate and facilitate one-day travel, as well as mini vacations within the state.
Culture:
- Playhouse Square District in downtown Cleveland, which features the world’s largest outdoor chandelier, is the second largest theater district in the U.S., behind only NYC’s Broadway Theater District. (per onlyinyourstate.com)
- Rock & Roll Hall of Fame Museum in Cleveland, OH, ranked #2 of the 10 best music museums across the nation by USA Today in 2023.
- Cleveland Museum of Art ranked #7 among Top 20 art museums in the U.S. by The Washington Post in 2024 (ranking based on collections, exhibitions, and public engagement). The Post described it as “a cultural powerhouse with healthy attendance figures (more than 700,000 last year).”.
- The Toledo Museum of Art was noted as a potential mention in The Washington Post ranking above, had the list included more than 20 museums.
(per newsminimalist.com)
Recreation:
- Lake Erie is a summer playground for beachgoers, fishermen, jetskiers, and boaters.
- Thrill-seeking enthusiasts flock to Cedar Point Amusement Park, located midway between Toledo, OH, and Cleveland, OH, and Kings Island Amusement Park in Cincinnati, OH.
- Ohio ranks in the top 10 of the fifty U.S. states for number of state parks.
(per worldpopulationreview.com)
- Cleveland Metroparks spans over 23,000 acres, providing free access to 300 miles of hiking trails and multiple picnic venues. Included within the Cleveland Metroparks are 8 parks with lake access, 8 golf courses, and the 183-acre Cleveland Metroparks Zoo (per thisiscleveland.com and clevelandmetroparks.com)
- Four of the top 25 zoos in the U.S are located in Ohio (Cincinnati, Cleveland, Powell, Toledo) (per bigroads.com)
Hospitals:
- Ohio is home to the 2nd best hospital in the U.S. (per Newsweek 2024 rankings)
Of the top 200 U.S. hospitals, 12 are located in Ohio.
Cost of Living:
- The cost of living in all of Ohio’s major cities is lower than the national average. (per RentCafe)
- Ohio is one of the cheapest states for full coverage car insurance.
(per U.S. News & World Report)
If you own investment properties or are considering entering the investment property market, there are always real estate “finds” in populated areas. As with any business venture, an investment requires analysis of the market and objective evaluation of your budget, tolerance, and goals. My opinion is Ohio is a great location that is affordable in relative terms. Opportunities exist to attract more activity, rather than less.
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